In a corporation, shareholders have limited control over day-to-day management, which is handled by a board of directors.

In an LLC, owners have limited liability and can actively participate in the management of the business.

A limited liability company (LLC) provides limited liability protection to its owners.

In a partnership, owners share management responsibilities and decision-making.

A Partnership involves two or more individuals sharing ownership and profits of the business.

An autocratic management style involves making decisions unilaterally without input from team members.

The autocratic management style involves the manager making decisions unilaterally without input from team members.

The sum-of-the-years'-digits method is chosen when the asset's benefits are expected to decline over time, allowing for higher depreciation initially.

A company may prefer FIFO over LIFO when prices are falling, as it results in lower cost of goods sold and higher profits.

The Units of Production Method is most appropriate for machinery that is used more in certain periods, as it ties depreciation to actual usage.

Accumulated depreciation is found in the Assets section of the trial balance as it is a contra asset account that reduces the value of fixed assets.

The threshold limit for registration for service providers under GST is Rs. 20 lakhs.

Sale of luxury goods is considered a taxable supply under GST.

All of the above are considered supplies under GST.

Under GST, input tax credit is available for goods used for taxable supplies.

Input tax credit can only be claimed if the supplier has paid the tax, ensuring that the tax is actually collected.

Under LIFO, COGS increases during inflation because the most recently purchased, higher-cost inventory is sold first.

LIFO (Last-In, First-Out) results in higher COGS during inflation, as the most recently purchased (and typically more expensive) inventory is considered sold first.

Public Provident Fund (PPF) is eligible for deduction under Section 80C.

Annual depreciation under the Straight-Line Method is calculated as Cost of Asset divided by Useful Life.

Annual Depreciation Expense = (Cost - Salvage Value) / Useful Life = ($10,000 - $1,000) / 5 = $1,800.

The depreciation expense under the Sum-of-the-Years'-Digits Method is calculated as (Cost - Salvage Value) x (Remaining Life / Sum of Years).

LIFO (Last-In, First-Out) values inventory at the most recent purchase price, assuming the latest items purchased are sold first.

LIFO (Last In, First Out) results in higher cost of goods sold during periods of rising prices.

The declining balance method results in higher depreciation expenses in the earlier years, which decreases over time.

Under LIFO, the cost of goods sold would be higher in a period of rising prices because the latest, more expensive inventory is used first.

Under LIFO, the ending inventory is valued at the oldest costs, while FIFO values it at the most recent purchase prices.

Individuals can claim a deduction for contributions made to the National Pension Scheme (NPS) under Section 80CCD.

Under LIFO, the cost of goods sold for the last 2 units sold is $30 + $25 = $55.

Annual Depreciation = (Cost - Salvage Value) / Useful Life = ($2,000 - $200) / 4 = $450.